New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Caravans Global Market Report 2023" - https://www.reportlinker.com/p06464209/?utm_source=GNW
KG, Gulf Stream Coach Inc., REV Recreation Group, SpaceCraft MFG., Caravan Manufacturing Company Inc., Adria Mobil, Airstream, and Freedom Caravans.
The global caravans market is expected to grow from $14.71 billion in 2022 to $15.63 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The caravan market is expected to reach $19.09 billion in 2027 at a CAGR of 5.1%.
The caravan market consists of sales of motorhomes, folding caravans, tiny caravans, retro caravans, airstream trailers, and static caravans.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A caravan refers to a vehicle without an engine that can be pulled by a car or van. It has beds and cooking equipment so that people can live in it or spend their vacations in it, and is used as a permanent home, a vacation home, temporary housing, staff housing, and emergency housing.
Europe was the largest region in the caravans market in 2022.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of caravans include travel trailers and fifth wheels.A travel trailer refers to a wheeled vehicle with living accommodations inside it that is used for traveling, camping, or other leisure activities.
They are classified based on price as standard and luxury for use in residential and commercial applications.
The growing demand for tourism is expected to propel the growth of the caravan market going forward.Tourism refers to traveling outside one’s home country or region for personal, business, or professional reasons.
It is a social, cultural, and economic phenomenon.Caravans are specially built vehicles that promote family-oriented tours, even in circuits and destinations that do not have adequate hotel accommodations.
Hence, the growing demand for tourism will increase the demand for caravan market.For instance, in June 2022, according to an article published in the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, the The World Tourism Organization’s world tourism barometer- (which provides an appraisal of recent performance and near-term prospects for international tourism) showed an increase of 182% for international tourism in the first three months of 2022, compared to international tourist arrivals increasing by just 5 percent in 2021.
Therefore, the growing demand for tourism is driving the caravan market.
Product innovations are a key trend gaining popularity in the caravan market.Major companies operating in the caravan market are introducing innovative products to sustain their position market.
For instance, in July 2022, ATC, a US-based manufacturer of aluminum RVs and trailers, launched Pla 500 Series and Pla 700 Series.The ATC Game Changer and Game Changer Pro Series toy haulers are replaced by Pla 500 Series and 700 Series, which come in a travel trailer and fifth-wheel toy hauler variants.
Pla 500 offers high-quality, fully integrated aluminum construction as the 700 Series model with permanently mounted furniture.The toy carriers have a Firefly Integrations multiplex touchscreen control.
The lights, awning, slide-out, and levelling jacks are just a few of the essential RV functions and features that ATC owners can operate and monitor using a touchscreen or smartphone app. Important systems, such as battery levels, thermostat settings, generator state, and water tank levels, can all be observed.
In February 2021, KABE Group AB, a Sweden-based company engaged in the vehicle manufacture acquired Coachman for an undisclosed amount.Through this acquisition, KABE strengthens its position in the caravans market and enables deeper collaboration in sales, product development, purchasing, and the exchange of production technology.
Coachman is an UK-based caravan manufacturer.
The countries covered in the Caravans market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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